Problem 15 2A (Part Level Submission) For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data Job Number Explanation Direct Materials Direct Labor Manufacturing Overhead Total Costs 7640 Balance 1 1 $31,750 $30,480 $36,576 $98,806 Current years costs 38,100 45,720 54,864 138,684 7641 Balance 1 1 13,970 22,860 27,432 64,262 Current years costs 54,610 60,960 73,152 188,722 7642 Current years costs 73,660 69,850 83,820 227,330 Other data 1 Raw materials inventory totaled $19,050 on January 1 During the year, $177,800 of raw materials were purchased on account 2 Finished goods on January 1 consisted of Job No 7638 for $110,490 and Job No 7639 for $116,840 3 Job No 7640 and Job No 7641 were completed during the year 4 Job Nos 7638, 7639, and 7641 were sold on account for $673,100 5 Manufacturing overhead incurred on account totaled $152,400 6 Other manufacturing overhead consisted of indirect materials $17,780, indirect labor $22,860, and depreciation on factory machinery $10,160 (a) Your answer is correct Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work ( Hint Use a single T account for Work in Process Inventory ) Calculate each of the following, then post each to the T account (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs Work in Process Inventory 1 1 Balance Direct materials Direct labor Manufacturing overhead 12 31 Balance Completed work Work in process balance $ Unfinished job No 7638No 7639No 7640No 7641No 7642 $ SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts 2 of 3 used (b) Your answer is correct Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold (Credit account titles are automatically indented when amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts 1 of 3 used (c) Determine the gross profit to be reported for 2014 Gross profit $ Just part C

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Problem 15-2A (Part Level Submission) For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data. Job Number

Problem 15-2A (Part Level Submission)

For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data.

Job Number	Explanation	Direct Materials	Direct Labor	Manufacturing Overhead	Total Costs
7640	Balance 1/1	$31,750	$30,480	$36,576	$98,806
	Current years costs	38,100	45,720	54,864	138,684
7641	Balance 1/1	13,970	22,860	27,432	64,262
	Current years costs	54,610	60,960	73,152	188,722
7642	Current years costs	73,660	69,850	83,820	227,330

Other data:

1.		Raw materials inventory totaled $19,050 on January 1. During the year, $177,800 of raw materials were purchased on account.
2.		Finished goods on January 1 consisted of Job No. 7638 for $110,490 and Job No. 7639 for $116,840.
3.		Job No. 7640 and Job No. 7641 were completed during the year.
4.		Job Nos. 7638, 7639, and 7641 were sold on account for $673,100.
5.		Manufacturing overhead incurred on account totaled $152,400.
6.		Other manufacturing overhead consisted of indirect materials $17,780, indirect labor $22,860, and depreciation on factory machinery $10,160.

(a)


	Your answer is correct.

Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. (Hint:Use a single T-account for Work in Process Inventory.) Calculate each of the following, then post each to the T-account: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs.

Work in Process Inventory

1/1

Balance

Direct materials

Direct labor

Manufacturing overhead

12/31

Balance

	Completed work

Work in process balance

Unfinished job

No. 7638No. 7639No. 7640No. 7641No. 7642

SHOW LIST OF ACCOUNTS

SHOW SOLUTION

SHOW ANSWER

LINK TO TEXT

Attempts: 2 of 3 used

(b)


	Your answer is correct.

Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit